Terran Orbital Corp (LLAP) 2022 Q4 法說會逐字稿

Hello, and welcome to today's Terran Orbital Fourth Quarter and Full Year 2022 Earnings Call. My name is Leo, and I'll be your moderator for today. (Operator Instructions) I'll now hand over to your host today, John Siegmann, Senior Vice President of Corporate Development. John, please go ahead.

大家好，歡迎來到今天的 Terran Orbital 第四季度和 2022 年全年收益電話會議。我叫 Leo，今天我將擔任你們的主持人。 （操作員說明）我現在將移交給您今天的主持人，企業發展高級副總裁 John Siegmann。約翰，請繼續。

Thank you, Leo. Good morning, everyone. And thank you for joining Terran Orbital's year-end 2022 Earnings Call. With me this morning from Terran Orbital are Marc Bell, Co-Founder, Chairman, Chief and Executive Officer; and Gary Hobart, Chief Financial Officer. Marc will provide a business update and highlights for the quarter and full year 2022, and then Gary will review the quarterly and annual results. Terran Orbital's executive team will be then available to answer your questions.

謝謝你，利奧。大家，早安。感謝您加入 Terran Orbital 的 2022 年底財報電話會議。今天早上和我一起從 Terran Orbital 來的是 Marc Bell，聯合創始人、董事長、首席執行官兼首席執行官；和首席財務官 Gary Hobart。 Marc 將提供 2022 年季度和全年的業務更新和亮點，然後 Gary 將審查季度和年度業績。 Terran Orbital 的執行團隊隨後將回答您的問題。

During today's call, we may make certain forward-looking statements. These statements are based on our current expectations and assumptions, and as a result, are subject to risks and uncertainties. Many factors could cause actual events to differ materially from forward-looking statements made on this call. For more information about these risks and uncertainties, please refer to the company's filings with the Securities and Exchange Commission each of which can be found on our website, www.terranorbital.com. Readers are cautioned not to put any undue reliance on forward-looking statements and the company specifically disclaims any obligation to update the forward-looking statements that may be discussed during this call.

在今天的電話會議中，我們可能會做出某些前瞻性陳述。這些陳述基於我們當前的預期和假設，因此受到風險和不確定性的影響。許多因素可能導致實際事件與本次電話會議上做出的前瞻性陳述存在重大差異。有關這些風險和不確定性的更多信息，請參閱公司向美國證券交易委員會提交的文件，每份文件均可在我們的網站 www.terranorbital.com 上找到。告誡讀者不要過分依賴前瞻性陳述，公司明確表示不承擔任何更新本次電話會議期間可能討論的前瞻性陳述的義務。

Please also note that we will refer to certain non-GAAP financial information on today's call. You can find reconciliations of these non-GAAP financial measures with the most comparable GAAP measures in our earnings press release.

另請注意，我們將在今天的電話會議上參考某些非 GAAP 財務信息。您可以在我們的收益新聞稿中找到這些非 GAAP 財務指標與最具可比性的 GAAP 指標的對賬。

With that, I will turn it over to Marc.

有了這個，我會把它交給馬克。

Thank you, John, and welcome, and thank you, everyone, for joining our year-end 2022 earnings conference call. 2022 was an exciting and pivotal year for Terran Orbital. In March, we became a publicly traded company and started trading on the New York Stock Exchange under the symbol LLAP, Live Long And Prosper. We've built backlog capacity and revenues throughout 2022. We are well on our way to achieving the vision of industrializing small space satellite production. We made extraordinary progress in a very short time.

謝謝約翰，歡迎並感謝大家參加我們的 2022 年年底收益電話會議。 2022 年對於 Terran Orbital 來說是激動人心的關鍵一年。 3 月，我們成為一家上市公司，並開始在紐約證券交易所交易，代碼為 LLAP，Live Long And Prosper。我們已經在整個 2022 年建立了積壓能力和收入。我們正在朝著實現小型太空衛星生產工業化的願景邁進。我們在很短的時間內取得了非凡的進步。

Today, I am thrilled to review the highlights from 2022 and provide a business update, including the company's record $2.4 billion contract from Rivada Space Networks, which we announced last month. Gary will provide more detail on our financial results, and then we're happy to take all your questions.

今天，我很高興回顧 2022 年的亮點並提供業務更新，包括我們上個月宣布的公司與 Rivada Space Networks 簽訂的創紀錄的 24 億美元合同。加里將提供有關我們財務結果的更多詳細信息，然後我們很樂意回答您的所有問題。

Starting with a recap of Terran Orbital's achievements from 2022. In March, our company became public via a merger with Tailwind Two Acquisition Corp during challenging capital market conditions. Since then, our revenue has grown by 130% year-over-year to $94.2 million. Our backlog rose a similar percentage over the last 12 months from under $74 million to over $170 million as of December 31st. Our backlog includes over 60 satellites in various stages of completion, which we expect to deliver in the coming quarters.

從回顧 Terran Orbital 自 2022 年以來的成就開始。3 月，我們公司在充滿挑戰的資本市場條件下通過與 Tailwind Two Acquisition Corp 的合併上市。從那時起，我們的收入同比增長 130% 至 9420 萬美元。截至 12 月 31 日，我們的積壓訂單在過去 12 個月中從不到 7400 萬美元增加到超過 1.7 億美元，比例相似。我們的積壓工作包括 60 多顆處於不同完成階段的衛星，我們預計將在未來幾個季度交付。

Over the last year, escalating geopolitical tensions and new space technology advances drove unprecedented and urgent demand for low earth orbit satellite solutions beyond even our earlier expectations. Our team has moved decisively and strategically to expand and vertically integrate our production facilities. I am delighted to report to you that our strategy is paying off. We delivered a record 19 satellites in 2022. Our investments in facilities, workforce and automation are creating an industry-leading production base in Irvine, California facilities.

在過去的一年裡，不斷升級的地緣政治緊張局勢和新的空間技術進步推動了對低地球軌道衛星解決方案前所未有的迫切需求，甚至超出了我們早先的預期。我們的團隊已採取果斷和戰略性的行動來擴展和垂直整合我們的生產設施。我很高興地向您報告，我們的策略正在奏效。我們在 2022 年交付了創紀錄的 19 顆衛星。我們在設施、勞動力和自動化方面的投資正在加利福尼亞州歐文市的設施中創建一個行業領先的生產基地。

And in October 2022, we were thrilled to complete a new $100 million investment and extension of our strategic cooperation agreement to the year 2035 with our partner, Lockheed Martin. Our steady execution was demonstrated by our early delivery of the 10 satellites to Lockheed Martin in support of the space development agencies space development agencies Transport Layer Tranche 0.

2022 年 10 月，我們很高興與合作夥伴洛克希德馬丁公司完成了 1 億美元的新投資，並將我們的戰略合作協議延長至 2035 年。我們在早期向洛克希德馬丁公司交付了 10 顆衛星以支持太空發展機構太空發展機構傳輸層第 0 批次，這證明了我們的穩健執行力。

I couldn't be proud -- I couldn't be any more prouder of our Terran Orbital team's performance and delivering this important customer commitment. As discussed on every earnings call since our listing, meeting our commitments to Lockheed Martin, the Space Development Agency and our nation's war fighters on this critical program was a top goal for our team in 2022 and continues into 2023. I thank the entire production program and engineering teams for working hard to accomplish this goal and serve our customers' missions which we believe differentiates our performance relative to our competitors.

我感到無比自豪——我對我們 Terran Orbital 團隊的表現和履行這一重要的客戶承諾感到無比自豪。正如我們上市以來的每次財報電話會議上所討論的那樣，履行我們對洛克希德馬丁公司、航天發展局和我們國家的戰士在這一關鍵項目上的承諾是我們團隊在 2022 年並將持續到 2023 年的首要目標。我感謝整個生產項目和工程團隊努力工作以實現這一目標並服務於我們客戶的使命，我們相信這使我們的表現相對於我們的競爭對手有所不同。

As an established small satellite manufacturer with a first-mover advantage, we are expanding our competitive mode. Accordingly, we are landing bigger and even record shattering new contracts. For example, the Space Development Agency has awarded the Lockheed Martin Terran Orbital team, 2 successive tranches of the SDA's Transport Layer. The first award was for 10 satellites, which was awarded in early 2020, which we just completed. The second Tranche 1 award is for 42 satellites and was awarded just 12 months ago.

作為具有先發優勢的老牌小衛星廠商，我們正在拓展競爭模式。因此，我們正在著陸更大，甚至破紀錄的新合同。例如，太空發展局已授予洛克希德馬丁公司地球軌道團隊連續兩批 SDA 傳輸層。第一個獎項是 10 顆衛星，是在 2020 年初頒發的，我們剛剛完成。第二批 1 批授予 42 顆衛星，僅在 12 個月前頒發。

We are executing on this Tranche and expect to begin deliveries later this year. We expect the Space Development Agency to award the Transport Layer Tranche 2 contracts later this year as well. And just last month, we received our largest contract ever. We were awarded a $2.4 billion contract to deliver 300 satellites and ground support to Rivada Space Networks. Rivada also has the option to purchase an additional 300 satellites as well. This advanced constellation will utilize the most advanced production -- advanced base technologies available to a low orbit proliferated constellation and provide cyber-secure communications and data services for the protection of the U.S. and its allies in Europe.

我們正在執行這批貨，預計將在今年晚些時候開始交付。我們預計太空發展局也將在今年晚些時候授予傳輸層第 2 批合同。就在上個月，我們收到了有史以來最大的合同。我們獲得了一份價值 24 億美元的合同，為 Rivada Space Networks 提供 300 顆衛星和地面支持。 Rivada 還可以選擇購買額外的 300 顆衛星。這個先進的星座將利用最先進的生產——可用於低軌道擴散星座的先進基礎技術，並提供網絡安全通信和數據服務，以保護美國及其在歐洲的盟友。

Terran Orbital offered Rivada both manufacturing have to meet the critical mission and regulatory time-stones and a more capable satellite design and architecture to provide mission assurance. To solidify our leadership position in small satellite manufacturing and support diverse customers such as the space development agency, Rivada and others, we are pleased to announce further progress in expanding our capacity. Today, we are in the commissioning phase of our previously announced new facility in Irvine, California. This facility adds 60,000 square feet of manufacturing space and once fully ramped is expected to support the buildup up to 250 satellites per year.

Terran Orbital 為 Rivada 提供了製造必須滿足關鍵任務和監管時限以及功能更強大的衛星設計和架構以提供任務保證。為鞏固我們在小型衛星製造領域的領先地位，並支持航天發展局、Rivada 等不同客戶，我們很高興地宣佈在擴大產能方面取得進一步進展。今天，我們正處於我們之前宣布的位於加利福尼亞爾灣的新設施的調試階段。該設施增加了 60,000 平方英尺的製造空間，一旦完全建成，預計每年將支持多達 250 顆衛星的建造。

In addition, we are thrilled to announce today our next capacity expansion step. An incremental 94,000 square feet of leased manufacturing and assembly space also in Irvine, California. Importantly, this new facility, which has already begun construction, we'll have 36-foot high bay assembly space to accommodate the complete assembly and integration of larger size satellites along with their payloads. We are planning to transition all satellite assembly to this new facility and dedicate our existing facilities to the production of components and modules that will comprise our satellites.

此外，我們很高興今天宣布我們的下一個產能擴張步驟。還在加利福尼亞州歐文市增加了 94,000 平方英尺的租賃製造和裝配空間。重要的是，這個已經開始建設的新設施，我們將擁有 36 英尺高的組裝空間，以容納更大尺寸衛星及其有效載荷的完整組裝和集成。我們計劃將所有衛星組裝轉移到這個新設施，並將我們現有的設施專用於生產構成我們衛星的組件和模塊。

This optimization will enhance the efficiency and capacity of our entire production system. When fully ramped, this addition has the potential to raise our satellite capacity to multiples of our prior 250 per year target. We have a formal -- we will have a formal groundbreaking ceremony in May of this year and expect the facility to begin commissioning in 2024.

這種優化將提高我們整個生產系統的效率和產能。當完全提升時，這一增加有可能將我們的衛星容量提高到我們之前每年 250 顆目標的數倍。我們有一個正式的——我們將在今年 5 月舉行一個正式的奠基儀式，並預計該設施將於 2024 年開始調試。

Let's take a moment and talk about our outlook. As we look to the year ahead, we remain focused on continuing to convert our $14 billion pipeline of opportunities into firm contracts, scaling our capacity and executing our government -- customer commitments. Given the potential material impact of our contract with Rivada and other opportunities on our 2023 financial performance, we do not intend to provide 2023 guidance until the first phase of the Rivada program has commenced and progressed sufficiently to permit us to have a good sense of our projected results. We expect progress on this program to accelerate throughout 2023 and 2024 with deliveries concentrated in 2025 and 2026.

讓我們花點時間談談我們的展望。展望未來一年，我們將繼續專注於繼續將我們 140 億美元的機會管道轉化為穩固的合同，擴大我們的產能並履行我們的政府 - 客戶承諾。鑑於我們與 Rivada 的合同和其他機會對我們 2023 年財務業績的潛在重大影響，我們不打算提供 2023 年指導，直到 Rivada 計劃的第一階段已經開始並取得充分進展，使我們能夠很好地了解我們的預計結果。我們預計該計劃的進展將在 2023 年和 2024 年加速，交付集中在 2025 年和 2026 年。

As a reminder, these affordable low earth orbit satellites are designed for replacement every [few] years with the potential for recurring revenue stream as they need to continuously be replaced as do all low earth orbit satellites.

提醒一下，這些負擔得起的低地球軌道衛星設計為每 [幾年] 更換一次，具有經常性收入流的潛力，因為它們需要像所有低地球軌道衛星一樣不斷更換。

Additionally, we expect to begin delivering SDA Transport Layer Tranche 1 satellites in 2023. The SDA has indicated they plan to run their procurements for new tranches of satellites every 2 years. They have announced multiple planned procurements over the next year, which we intend to participate. We are pleased that our on-time delivery and support of the early SDA mission positions us well for future awards. SDA program priorities this year and next include Tranche 2 of the Transport Layer, T2DES demonstration and experimentation and the Tranche 2 of the SDA's tracking layer represent nearly 300 additional satellites.

此外，我們預計將於 2023 年開始交付 SDA 傳輸層 Tranche 1 衛星。SDA 表示他們計劃每 2 年採購一次新的衛星。他們宣布了明年的多項採購計劃，我們打算參與其中。我們很高興我們的準時交付和對早期 SDA 任務的支持使我們在未來的獎項中處於有利地位。今年和明年的 SDA 計劃重點包括傳輸層的第 2 部分、T2DES 演示和實驗以及 SDA 跟踪層的第 2 部分代表近 300 顆額外的衛星。

We are proud of our team's achievements in 2022 and excited for the year ahead. A highlighted year was just last week when Terran Orbital's long legacy and satellites was recognized by the -- one of our earliest PropCube satellite, which is now on permanent display at the Smithsonian National Air and Space Museum in Washington, D.C. We highly encourage you to go see our success of the museum and thrilled to have it displayed them in perpetuity.

我們為我們的團隊在 2022 年取得的成就感到自豪，並為來年感到興奮。值得一提的是，就在上週，Terran Orbital 的長期遺產和衛星得到了認可——我們最早的 PropCube 衛星之一，現在在華盛頓特區的史密森尼國家航空航天博物館永久展出。我們強烈建議您去看看我們博物館的成功，並很高興讓它永久展示它們。

Now I will hand the meeting over to Gary to review our financial performance and for the year-end 2022. Gary?

現在我將會議交給加里，審查我們的財務業績和 2022 年年底。加里？

Thank you, Marc. And good morning, everyone. I'm happy to report our strong finish to the year resulted in revenue of $31.9 million for the fourth quarter a 197% increase over the prior year. The increase in revenue was primarily due to our continued support of the SDA's Transport Layer, inclusive of the completion and delivery of 10 satellites to Lockheed Martin for the Tranche 0 program and continued progress made in satisfying other customer contracts.

謝謝你，馬克。大家早上好。我很高興地報告我們今年的強勁表現導致第四季度的收入為 3190 萬美元，比去年同期增長 197%。收入的增長主要是由於我們對 SDA 傳輸層的持續支持，包括完成並向洛克希德馬丁公司交付 10 顆衛星用於 Tranche 0 計劃，以及在滿足其他客戶合同方面的持續進展。

Full year 2022 revenues were $94.2 million, a 130% increase over the prior year. Overall, we are actively executing on our growth initiatives in order to position ourselves to be awarded large constellation contracts with recurring revenue opportunities. As a reminder, we recognize revenue on most of our programs on a percentage of completion basis and changes to our estimated cost at completion for a program or EAC will generally result in a cumulative impact on program revenues and margins in the period in which we make an EAC adjustment. During 2022, adjustments to our EACs reduced revenues by an estimated $7 million.

2022 年全年收入為 9420 萬美元，比上年增長 130%。總體而言，我們正在積極執行我們的增長計劃，以使自己定位於獲得具有經常性收入機會的大型星座合同。提醒一下，我們根據完成的百分比確認我們大多數項目的收入，並且我們在完成項目或 EAC 時的估計成本的變化通常會對我們製作的期間的項目收入和利潤產生累積影響EAC調整。 2022 年，我們對 EAC 的調整使收入減少了約 700 萬美元。

Gross profit was negative $10.8 million for the fourth quarter and negative $17.3 million for the year in 2022 compared to $0.7 million and $7 million for the fourth quarter and full year in 2021. Excluding share-based compensation and depreciation and amortization included in cost of sales, adjusted gross profit was negative $7.3 million for the fourth quarter and negative $2.2 million for the full year in 2022. This compares with $1.7 million and $9.5 million in the same periods in the prior year.

第四季度毛利潤為負 1080 萬美元，2022 年全年毛利潤為負 1730 萬美元，而第四季度和 2021 年全年毛利潤分別為 70 萬美元和 700 萬美元。不包括銷售成本中包含的基於股份的薪酬以及折舊和攤銷，調整後毛利潤第四季度為負 730 萬美元，2022 年全年為負 220 萬美元。上年同期分別為 170 萬美元和 950 萬美元。

EAC adjustments negatively impacted gross profit and adjusted gross profit by an estimated $18.3 million in 2022. This includes approximately $7 million from revenue previously noted and approximately $11.3 million from cost of sales. A large portion of these adjustments relate to programs that involve prototypes in early phases of potentially large customer missions. During 2022, we focused on delivering quality satellite solutions on tight time frames often involving technical design and supply chain challenges.

EAC 調整對 2022 年的毛利潤和調整後毛利潤產生了約 1,830 萬美元的負面影響。這包括先前提到的收入中的約 700 萬美元和銷售成本中的約 1,130 萬美元。這些調整的很大一部分與涉及潛在大型客戶任務早期階段原型的程序有關。在 2022 年期間，我們專注於在緊迫的時間框架內提供高質量的衛星解決方案，這些解決方案通常涉及技術設計和供應鏈挑戰。

While EAC adjustments are possible in the future, I'm pleased to say that most of the drivers of the 2022 EAC adjustments relate to programs that are substantially complete at this point. Selling, general and administrative expenses were $27.6 million in the fourth quarter of 2022 compared to $13.1 million in the same period in the prior year and $111.9 million for the full year of 2022 compared to $43.7 million for the full year of 2021. The increase for the full year was primarily due to an increase in share-based compensation expense as a result of the Tailwind Two merger, an increase in research and development expense, increases in salaries and wages, facility costs related to capacity expansions and other operating costs, partially offset by a decrease in accounting and legal fees.

雖然 EAC 調整在未來是可能的，但我很高興地說，2022 年 EAC 調整的大部分驅動因素都與目前基本完成的計劃有關。 2022 年第四季度的銷售、一般和管理費用為 2760 萬美元，上年同期為 1310 萬美元；2022 年全年為 1.119 億美元，而 2021 年全年為 4370 萬美元。全年主要是由於 Tailwind Two 合併導致基於股份的補償費用增加、研發費用增加、薪金和工資增加、與產能擴張相關的設施成本和其他運營成本，部分被會計和法律費用的減少所抵消。

During the fourth quarter of 2022, the company abandoned plans to invest in a company-owned constellation of Earth observation satellites. As a result, we recorded a loss on impairment of $22.4 million related to costs previously capitalized as construction-in-progress associated with the development and construction of those initial satellites.

2022 年第四季度，該公司放棄了投資公司擁有的地球觀測衛星星座的計劃。因此，我們記錄了 2240 萬美元的減值損失，這些損失與之前資本化為與這些初始衛星的開發和建造相關的在建工程的成本有關。

Our net loss for the fourth quarter of 2022 was $33.0 million compared to a net loss of $40.3 million for the same period in the prior year. Our net loss for the year was $164 million compared to a net loss of $139 million in the prior year. In addition to the items discussed earlier, the increase in net loss was driven by higher interest expense recorded in 2022, partially offset by a decrease in loss on extinguishment of debt and a decrease in the fair value of warrant and derivative liabilities in 2022.

我們 2022 年第四季度的淨虧損為 3300 萬美元，而去年同期為淨虧損 4030 萬美元。我們今年的淨虧損為 1.64 億美元，而上一年的淨虧損為 1.39 億美元。除了前面討論的項目外，淨虧損的增加是由 2022 年記錄的更高利息支出推動的，部分被 2022 年債務清償損失減少以及認股權證和衍生負債公允價值下降所抵消。

Adjusted EBITDA was negative $26.1 million in the fourth quarter of 2022. This compares to a negative $11.3 million in the same period for the prior year. Adjusted EBITDA was negative $69.5 million for 2022 compared with negative $26.1 million in the prior year. The decrease in adjusted EBITDA for the year was primarily due to a decrease in adjusted gross profit and an increase in selling, general and administrative expenses related to salaries and wages, research and development and other operating costs.

2022 年第四季度調整後的 EBITDA 為負 2610 萬美元。上年同期為負 1130 萬美元。 2022 年調整後的 EBITDA 為負 6950 萬美元，上年為負 2610 萬美元。本年度調整後 EBITDA 的減少主要是由於調整後毛利減少以及與薪金和工資、研發和其他運營成本相關的銷售、一般和管理費用增加。

Our backlog at the end of the year was approximately $170.8 million, and this does not include any contribution from the Rivada contract award announced in February. Capital expenditures for the year 2022 were $22.5 million. Finally, December 31, 2022, we had approximately $93.6 million of cash on hand and approximately $302 million in gross debt obligations. I will now turn the call back over to Marc.

我們年底的積壓訂單約為 1.708 億美元，這不包括 2 月份宣布的 Rivada 合同授予的任何貢獻。 2022 年的資本支出為 2250 萬美元。最後，到 2022 年 12 月 31 日，我們手頭有大約 9360 萬美元的現金和大約 3.02 億美元的債務總額。我現在將把電話轉回給馬克。

Thank you, Gary. And thank you, everyone, on the call for your continued support of Terran Orbital. I now look forward to taking your questions, and I'll turn it over to the operator.

謝謝你，加里。感謝大家在電話會議上對 Terran Orbital 的持續支持。我現在期待著回答您的問題，我會將其轉交給接線員。

(Operator Instructions) Firstly, we've got Austin Moeller from Canaccord on the line. Please go ahead.

（操作員說明）首先，我們有來自 Canaccord 的 Austin Moeller 在線。請繼續。

So I just have a question here on the fiscal year '23 budget. So Congress added an incremental $500 million to the Space Development Agency's budget for 2023. So how do you see this as benefiting Terran Orbital going into a bid on the Tranche 2 of Tracking and Transport Layer along with other planned constellations like the Terran's Layer?

所以我這裡有一個關於 23 財年預算的問題。因此，國會為太空發展局 2023 年的預算增加了 5 億美元。那麼，您如何看待這對 Terran Orbital 與其他計劃中的星座（如 Terran's Layer）競標跟踪和傳輸層第 2 部分有何好處？

The fiscal 2024 request continues to aggressively integrate Space Force into the fabric of National and International Security by collaborating across the Department of Defense and agency commercial industry, our allies and our partners. With the request of $26.1 billion, which is 8% of the investment budget request or for perspective, this is 181% higher than the $9.3 billion requested 5 years ago, which represented just less than 4% of the budget, we see this moving in a very positive direction for us.

2024 財年的要求繼續通過國防部和機構商業行業、我們的盟友和合作夥伴的合作，積極地將太空部隊整合到國家和國際安全結構中。申請 261 億美元，佔投資預算申請的 8%，或者從角度來看，這比 5 年前申請的 93 億美元高出 181%，後者僅佔預算的不到 4%，我們看到這種趨勢正在發生對我們來說是一個非常積極的方向。

We see the FDA specifically approaching almost $3 billion now of total funding and growing rapidly as Congress gets more and more comfortable with their mission and as they prove results that they're able to deliver satellites quickly on time and on budget.

我們看到 FDA 現在特別接近總資金的近 30 億美元，並且隨著國會對他們的使命越來越滿意並且他們證明他們能夠按時按預算快速交付衛星的結果而迅速增長。

Great answer. And then just a follow-up, this is probably a question for Gary, but -- do we see improvements in the pipeline on materials and labor costs? And is the time line to be EBITDA and free cash flow positive? Is that more would we think maybe in 2024 now?

很好的答案。然後只是一個後續行動，這可能是加里的問題，但是 - 我們是否看到材料和勞動力成本方面的管道有所改善？ EBITDA 和自由現金流為正的時間表是什麼時候？我們現在可能會在 2024 年考慮更多嗎？

Yes. So we are seeing improvements. As I mentioned in our prepared remarks, a lot of the programs we've been working on are prototypes and early versions of bigger missions, and so as we have those programs are retired and we're building and scaling up with bigger programs, our ability to really leverage and scale and have economies of scale are starting to manifest themselves. I think that's going to play out over the next several quarters.

是的。所以我們看到了改進。正如我在準備好的發言中提到的，我們一直在研究的許多項目都是更大任務的原型和早期版本，因此當我們讓這些項目退役並且我們正在構建和擴大更大的項目時，我們的真正發揮槓桿作用和擴大規模並擁有規模經濟的能力開始顯現。我認為這將在接下來的幾個季度中發揮作用。

Our general update with regard to your question about EBITDA continues to be that we have a reference to in our debt covenants a requirement to be EBITDA breakeven or positive by LTM June of 2024.

關於您關於 EBITDA 的問題，我們的一般更新仍然是，我們在債務契約中提到了在 2024 年 6 月 LTM 之前達到 EBITDA 盈虧平衡或為正的要求。

Okay. Next, we have a question from Mike Crawford from B. Riley.

好的。接下來，我們有來自 B. Riley 的 Mike Crawford 的問題。

Marc, what do you expect to show in your backlog to know at the end of Q1 for the $2.4 billion Rivada contract?

馬克，對於價值 24 億美元的 Rivada 合同，您希望在第一季度末的積壓工作中顯示什麼？

Mike, we are still evaluating how we want to present the Rivada contract. For now, what you're seeing in this press release and in the 10-K is going to be just a separate reference to the Rivada contract, and we will make determinations as we finish the March quarter on how properly to approach that in terms of backlog of the overall presentation. For now, we're just separately present it to you guys so you can see it separate from our year-end backlog.

邁克，我們仍在評估我們希望如何展示 Rivada 合同。目前，您在本新聞稿和 10-K 中看到的只是對 Rivada 合同的單獨參考，我們將在 3 月季度結束時就如何正確處理該合同做出決定積壓的整體演示文稿。現在，我們只是單獨向你們展示它，這樣你們就可以看到它與我們的年終積壓分開。

Okay. Let me try differently. So well, first, we find intriguing that Rivada appears to have spectrum rights that have priority over Starlink. But what can you tell us about your understanding of approvals that Rivada needs both to start launching its satellites and also regarding the funding that has to pay you to build these at least these first 300 satellites are a portion thereof?

好的。讓我嘗試不同的方式。那麼，首先，我們發現有趣的是，Rivada 似乎擁有優先於 Starlink 的頻譜權。但是，您能告訴我們您對 Rivada 需要批准才能開始發射其衛星以及必須支付給您建造這些衛星的資金的理解嗎，至少前 300 顆衛星是其中的一部分？

Sure. So I can't comment on Rivada's business specifically that's a customer's job to do that. I can tell you about what we know about the ITU process. Rivada is entitled to a waiver of the deployment of 10% of the constellation against the deadline this year. The Radio Regulations Board, which consists of 12 elected ITU exerts can grant us. The regulator from the country where Rivada filed its orbital positions, which is the Offices of Communications for the principality of (inaudible) submitted all the necessary documentation to the Radio Regulations Bureau on time. Rivada believes that this submission contains full and clear evidence as requested in the relevant procedure.

當然。所以我不能具體評論 Rivada 的業務，這是客戶的工作。我可以告訴你我們對 ITU 流程的了解。 Rivada 有權在今年的最後期限之前放棄部署 10% 的星座。由 12 名當選的國際電聯成員組成的無線電規則委員會可以授予我們權利。 Rivada 提交其軌道位置所在國家/地區的監管機構，即（聽不清）公國的通信辦公室，及時向無線電管理局提交了所有必要的文件。里瓦達認為，本次提交的證據充分、明確，符合相關程序的要求。

Rivada submitted evidence in time to receive a positive decision as early as possible as -- in March, it will be the end of March, but understands this framework allows for actions to be taken at the July RRB meeting instead. The German letter did not argue against granting the waiver. It merely asks that the RRB uses maximum time foreseen until June and a considerable reading of the process will be applied.

Rivada 及時提交了證據，以便儘早獲得積極的決定——在 3 月份，這將是 3 月底，但據了解，該框架允許在 7 月份的 RRB 會議上採取行動。德國的信件沒有反對給予豁免。它只是要求 RRB 使用預計到 6 月為止的最長時間，並將應用大量的流程閱讀。

And as far as funding goes, they have given our attorneys comfort on where they are in the funding process. And they have to get their ITU stuff finished and otherwise, I can't tell you they did make our first payment to us already.

就資金而言，他們讓我們的律師對他們在資金過程中所處的位置感到放心。他們必須完成他們的 ITU 工作，否則，我不能告訴你他們已經向我們支付了第一筆款項。

Okay. Excellent. And then just one final question is regarding your new Irvine expansion. So you also have the new high-bay facility right next to your existing components factory, but that also will just be for higher -- bigger size components that then you would move to Irvine, is that the new plan?

好的。出色的。最後一個問題是關於您在爾灣的新擴張。所以你在現有的組件工廠旁邊也有新的高架設施，但這也只是用於更高 - 更大尺寸的組件，然後你會搬到爾灣，這是新計劃嗎？

The plan is to take what we call Barranca which is the original facility and we're going to attach it to the building next door, which is 50 Tech, which was -- which is our new facility coming online April 1. Those 2 buildings will do all of our module all -- all our module and component manufacturing, development and testing. All the assembly will move down the street to this new building. And that will be -- that would just be for assembly and Tyvak and final testing. And so -- but it's the 50 tech building with the high bay you're referring to is 25-foot high bay. The new building is 36 for Toll High Bay, allowing us to do significantly larger size satellites.

計劃是採用我們稱之為 Barranca 的原始設施，我們將把它連接到隔壁的建築物，即 50 Tech，這是我們將於 4 月 1 日上線的新設施。那兩座建築物將完成我們所有的模塊——我們所有的模塊和組件製造、開發和測試。所有的集會者都將沿街搬到這座新大樓。那將是——那將只是用於組裝和 Tyvak 以及最終測試。所以 - 但它是 50 座技術大樓，你指的是 25 英尺高的高灣。新大樓是 Toll High Bay 的 36，使我們能夠製造更大尺寸的衛星。

We're seeing satellite buses get larger and larger. Even though we invented the CubeSat over a decade ago, we're seeing the requests -- people are going in the opposite direction. Everybody wants smaller and now people want larger. We've seen it go. We're now building -- I think we have a single satellite in-house down that's 800 kilograms. So we're seeing things get larger and larger request because we want more power, but we've also are learning that responsive space and the Go Fast model is what is more important than price and more important than anything else is getting it quickly. And so we're seeing incredible interest and -- us being able to deliver stocking buses and reducing down our cycle to do buses.

我們看到衛星巴士變得越來越大。儘管我們在十多年前發明了立方體衛星，但我們看到了需求——人們正朝著相反的方向前進。每個人都想要更小的，現在人們想要更大的。我們已經看到了。我們現在正在建造——我認為我們內部有一顆 800 公斤重的衛星。所以我們看到事情變得越來越大，因為我們想要更多的力量，但我們也了解到響應空間和 Go Fast 模型比價格更重要，比其他任何東西都更重要的是快速獲得它。因此，我們看到了令人難以置信的興趣——我們能夠提供庫存巴士並減少我們做巴士的周期。

But we're also looking to expand into payloads and to go ahead and have payloads that will be stocking payloads as well. So instead of right now having a 2-year cycle to design, build and deliver a satellite we want to shorten that up dramatically. And we have to -- especially coming out of satellite 2023, the conference in D.C., overwhelmingly, customers prefer speed to price. It was a very interesting conversation. And so with all the robotics that we're putting in, speed is something that we will sell at and price is how it's where we're going to go make our margin and become profitable.

但我們也希望擴展到有效載荷並繼續前進並擁有將儲存有效載荷的有效載荷。因此，我們現在不想用 2 年的周期來設計、建造和交付衛星，而是希望大幅縮短這個週期。我們必須——尤其是在 2023 衛星會議之後，在華盛頓特區舉行的會議上，絕大多數客戶更喜歡速度而不是價格。這是一次非常有趣的談話。因此，對於我們投入的所有機器人技術，速度是我們將要出售的東西，而價格是我們要賺取利潤並實現盈利的方式。

Next, we have a question from Erik Rasmussen from Stifel.

接下來，我們有來自 Stifel 的 Erik Rasmussen 的問題。

Yes. Maybe just staying with the Irvine expansion. It seems like you're working on bringing up capacity to 250 satellites throughout the year. When do you expect to be at that run rate and is there additional capital needed to get there?

是的。也許只是留在爾灣擴張。看起來你正在努力提高全年 250 顆衛星的容量。你預計什麼時候能達到這個運行率，是否需要額外的資金才能達到這個目標？

I expect to be at that run rate in the next 60 days in terms of capacity. The new facility is coming online April 1. We'll go through some testing to make sure everything is working as planned. But over -- by the end of Q2, that facility will be humming along. And that bring -- basically, we look at is 20 satellites a month is what we're able to produce, give or take. That's how we view these things.

我預計在未來 60 天內的產能將達到該運行率。新設施將於 4 月 1 日上線。我們將進行一些測試，以確保一切按計劃進行。但到第二季度末，該設施將繼續運轉。那帶來——基本上，我們看的是每月 20 顆衛星是我們能夠生產、給予或接受的。我們就是這樣看待這些事情的。

So we do -- we can do 10 a month now. We learn that in Q1, we can do 20 a month with the new facility and the facility that we're just constructing now dramatically increases that because it is a space purely designed for assembly nothing else.

所以我們這樣做了——我們現在一個月可以做 10 次。我們了解到，在第一季度，我們可以使用新設施每月做 20 次，而我們現在正在建造的設施大大增加了這一點，因為它是一個純粹為組裝而設計的空間。

So would you say then -- you said you mentioned multiples of that. And so at some point, you're looking at 500, 750, or 1,000...

那麼你會說 - 你說你提到了它的倍數。所以在某個時候，你會看到 500、750 或 1,000...

It depends on the size of the satellite. It's all size dependent, but we haven't released the numbers yet. We will as we get further down this year, where we'll be. And just to preface, we will continue to -- we always have to hire ahead and we have to build ahead of programs that we are getting. So Rivada was a great -- people look at our pipeline and we talk about a $14 billion pipeline. And everyone was like, wow, that's just a crazy big number.

這取決於衛星的大小。這完全取決於大小，但我們還沒有公佈數字。我們將在今年進一步下降，我們將在哪裡。作為序言，我們將繼續——我們總是必須提前招聘，我們必須在我們獲得的項目之前進行建設。所以 Rivada 很棒——人們看著我們的管道，我們談論 140 億美元的管道。每個人都說，哇，這真是一個瘋狂的大數字。

But the reality is we just converted $2.4 billion of that pipeline. And that shows that our pipeline is quite real and quite active. And so we try -- we have to build ahead of programs and we have to hire people ahead of programs. So I would expect for our -- people to see that we will be making later this year, other announcements in terms of other new facilities that will be coming online over the next couple of years.

但現實是我們剛剛轉換了該管道中的 24 億美元。這表明我們的管道非常真實且非常活躍。所以我們嘗試 - 我們必須在計劃之前進行建設，我們必須在計劃之前僱用人員。因此，我希望我們的人們能夠看到我們將在今年晚些時候發布其他關於未來幾年將上線的新設施的公告。

Got it. And then maybe just my follow-up. You delivered on time, the 10 satellites by year-end to support the T0TL program. And it seems like you're now transitioning to build the next tranches of 42 satellites. Can you just remind us, though, the timing of delivery for these satellites, what are the milestones you guys are targeting? And then maybe just give a little more color on how you think you're positioned for the other tranches that will be awarded by the SDA.

知道了。然後也許只是我的後續行動。你們在年底前按時交付了 10 顆衛星以支持 T0TL 計劃。看起來你們現在正在過渡到建造下一批 42 顆衛星。不過，您能否提醒我們這些衛星的交付時間，你們的目標里程碑是什麼？然後，也許只是對您認為自己在 SDA 將授予的其他部分中的定位給出更多的顏色。

Sure. I can tell you, we have to have all the satellites delivered by Q1 of 2024, and we are well on our way as we've already begun manufacturing, and as far as how we do with the SDA, we believe we've proven ourselves to the SDA. They said those who deliver will continue to win, I think, was the quote. And we will start to -- obviously, we start delivering Tranche 1 in 2023. But they said those who deliver will continue to win, and we are delivering.

當然。我可以告訴你，我們必須在 2024 年第一季度之前交付所有衛星，而且我們已經開始製造，而且進展順利，至於我們如何處理 SDA，我們相信我們已經證明我們自己到 SDA。他們說那些交付的人將繼續獲勝，我認為，這就是引述。我們將開始 - 顯然，我們將在 2023 年開始交付第 1 批次。但他們說那些交付的人將繼續獲勝，我們正在交付。

We're doing everything we said we're going to do and we will continue to do that. And I will do it at a price that makes sense. So we feel like we're in a pretty good -- it's obviously a very competitive bid. There were, I think, 17 people who bid on Tranche 1. So we expect to have a lot of bidders. But we continue to prove ourselves, and that means something.

我們正在做我們說過要做的一切，我們將繼續這樣做。我會以合理的價格來做這件事。所以我們覺得我們的情況非常好——這顯然是一個非常有競爭力的出價。我認為，有 17 人競標了第一批。因此我們預計會有很多競標者。但是我們繼續證明自己，這意味著什麼。

Next, we have a question from Elizabeth Grenfell from Bank of America.

接下來，我們有來自美國銀行的 Elizabeth Grenfell 的問題。

Did you give any color on what you expect revenue growth to be this year or CapEx associated with this facility expansions? Or any additional color in terms of just general modeling for the year.

您是否對今年的收入增長預期或與該設施擴張相關的資本支出給出了任何顏色？或者就當年的一般造型而言，任何額外的顏色。

Elizabeth. In general, what we are doing is not providing guidance, just given the magnitude of the award -- Rivada. Away from Rivada, we've said in the past, we're looking to double our revenue as a general matter each of the coming years. And I would still look to that as a principal guidance, if you will. But we're really not guiding until we have more color on not only Rivada but other pipeline conversions that we're in the middle of doing.

伊麗莎白。總的來說，我們正在做的不是提供指導，只是考慮到獎項的規模 -- Rivada。除了里瓦達，我們過去曾說過，我們希望在未來幾年將收入翻一番。如果您願意，我仍然會將其視為主要指導。但是，在我們不僅對 Rivada 而且對我們正在進行的其他管道轉換有更多的了解之前，我們真的沒有指導。

Okay. And what -- can you give us maybe start an idea around the cadence of how you expect Rivada to come in and how we should think about that?

好的。什麼——你能給我們一些關於你期望 Rivada 加入的節奏以及我們應該如何考慮的想法嗎？

We are waiting for Rivada to -- they've got to get -- they have to get their ITU license finished and then everything goes full speed ahead. So one more step to do and then we're good to go.

我們正在等待 Rivada - 他們必須得到 - 他們必須完成他們的 ITU 許可證，然後一切都會全速前進。所以再做一步，然後我們就可以開始了。

Okay. All right. And what about CapEx associated with these facility expansion? And how should we think about that? And at what point is it a little bit of putting the cart before the horse in the expansion?

好的。好的。與這些設施擴張相關的資本支出又如何呢？我們應該如何考慮？在資料片中什麼時候有點本末倒置？

We always -- in our business, we always have to put the cart before the horse because if the horse shows up and has no place to go, then we're in deep trouble. So because you're always building -- everybody has an 18- to 24-month horizon, right? And we know what programs we believe we're going to be winning, and we have pretty good insight in our T1 rate of what we think we're going to get, and so we're not building for the sake of building. We knew, for example, we're going to be -- we did know.

我們總是 - 在我們的業務中，我們總是必須本末倒置，因為如果馬出現而無處可去，那麼我們就有大麻煩了。所以因為你總是在建設——每個人都有 18 到 24 個月的期限，對吧？我們知道我們相信我們將贏得哪些項目，並且我們對我們認為我們將獲得的 T1 率有很好的洞察力，因此我們不是為了建設而建設。例如，我們知道我們將成為——我們確實知道。

We had a high degree of confidence we were going to win T1. So we went ahead and we started building an addition on to 60,000 square feet because we knew our existing facility wasn't big enough to do T1. And we won T1, and now we have no space to build T1, we now have -- we had a good feeling that we were going to be winning something like Rivada. So we went ahead and we leased -- we signed a lease earlier this year to go begin building another facility that gives us the space to build a Rivada.

我們對贏得 T1 充滿信心。所以我們繼續前進，開始在 60,000 平方英尺的基礎上擴建，因為我們知道我們現有的設施不夠大，無法建造 T1。我們贏得了 T1，現在我們沒有空間來建造 T1，我們現在有——我們有一種很好的感覺，我們將贏得像 Rivada 這樣的東西。所以我們繼續進行租賃——我們在今年早些時候簽署了一份租約，開始建造另一個設施，為我們提供建造 Rivada 的空間。

Now as -- so if you look at us, as we sign more leases for more space and assembly space manufacturing space, that should be a good indicator to the market that we expect to be getting more customers in-house.

現在 - 所以如果你看看我們，當我們為更多空間和裝配空間製造空間簽署更多租約時，這應該是一個很好的市場指標，我們希望在內部獲得更多客戶。

And one other thing I'd like to add is in building these facilities, there's a very long lead time for a lot of specialized equipment that goes into these things. So we have -- so some of the stuff takes as much as 48 weeks to get. And so -- but when we get a program, they want it delivered on time. And we can't say we got to wait 48 weeks to get equipment. So it is -- we're not a capital-intensive business. We're a technology-intensive business. But we've made massive strides forward. I mean we'll be opening -- we just opened up a 3D printing facility. We are opening up in about a month, our printed circuit board assembly facility. We have -- we will be opening also in about a month our own testing facility with our own Tyvak chambers that can fit in entire satellite and their own [shaker tables] so we are taking a lot of the stuff we used to send outside bringing it inside going back to if you control your supply chain, you control your destiny.

我想補充的另一件事是在建造這些設施時，很多專門設備的準備時間很長。所以我們有 - 所以有些東西需要多達 48 週的時間才能獲得。所以——但是當我們得到一個程序時，他們希望它能按時交付。而且我們不能說我們必須等待 48 週才能獲得設備。所以它是 - 我們不是資本密集型企業。我們是技術密集型企業。但我們已經向前邁進了一大步。我的意思是我們將開放——我們剛剛開放了一個 3D 打印設施。我們將在大約一個月後開放我們的印刷電路板組裝工廠。我們已經 - 我們還將在大約一個月內開放我們自己的測試設施，我們自己的 Tyvak 腔室可以安裝在整個衛星和他們自己的 [振動台] 中，所以我們帶走了很多我們過去發送到外面的東西如果你控制了你的供應鏈，你就可以控制你的命運。

And we are vertically integrating, so we control our supply chain. So we don't have supply chain issues down the road like a lot of other people are having. This is one of the keys to our success.

我們是垂直整合的，所以我們控制我們的供應鏈。因此，我們不會像其他許多人一樣遇到供應鏈問題。這是我們成功的關鍵之一。

Okay. And next, we have a question from Greg Konrad from Jefferies.

好的。接下來，Jefferies 的 Greg Konrad 提出了一個問題。

Just to start, I appreciate that you're not giving guidance, but you called out you delivered 19 satellites in 2022, and it seems like maybe majority of Tranche 2 or sorry, Tranche 1 delivered in 2023. How many satellites do you plan to deliver in 2023?

剛開始，我很感激你沒有給出指導，但你說你在 2022 年交付了 19 顆衛星，而且看起來可能是第 2 批次的大部分，或者抱歉，第 1 批次在 2023 年交付了。你打算發射多少顆衛星2023年交付？

You answer that Gary?

你回答那個加里？

Greg, this may help at least guide you a little bit. The backlog at the end of the year is about $171 million. And in that backlog, there are a little over 60 satellites that are in various stages of construction. And generally speaking, our backlog converts inside of 2 years from the date of order. So while we're not guiding precisely to when that backlog will be converted or those satellites are delivered -- it's going to be closer to inside of 2 years. And so you could probably start modeling around using those as at least a reference point.

格雷格，這至少可以幫助您提供一些指導。年底的積壓訂單約為1.71億美元。在積壓的工作中，有 60 多顆衛星處於不同的建造階段。一般來說，我們的積壓訂單會在訂購之日起 2 年內完成轉換。因此，雖然我們沒有準確指導何時轉換積壓或交付這些衛星，但它會更接近 2 年內。因此，您可能可以開始圍繞使用這些至少作為參考點進行建模。

And then Marc had mentioned earlier that the 42 satellites for Tranche 1 are due before the end of the first quarter of '24. So hopefully, that gives you a little more color.

然後馬克早些時候提到，第一批的 42 顆衛星將在 24 年第一季度末到期。所以希望這能給你多一點色彩。

And then just on the $14 billion pipeline, I mean you called out the Rivada award. If you think about just the breakdown, how much of that is in these larger chunky awards versus maybe smaller awards. Just thinking about catalysts as some of that pipeline converts?

然後就在 140 億美元的管道上，我的意思是你宣布了 Rivada 獎。如果您只考慮細目分類，那麼這些較大的厚實獎項與較小的獎項中有多少。只是考慮催化劑作為一些管道轉換？

The biggest chunk of the pipeline is the $6 billion NASA Rapid Rewards contract IV. So that is where NASA can call us up and order satellites off that contract. We haven't -- we just met and when asked the other day, we haven't seen a lot of that. But Rivada really demonstrates the size of the things that we are spending our time going after. We are whale hunting and it is working. We're trying to -- we're spending a lot less time with people who are trying to build 1 satellite that we do -- do that. But we are spending all bulgur time with people who want to build hundreds of satellites.

管道中最大的一部分是價值 60 億美元的 NASA 快速獎勵合同 IV。所以這就是 NASA 可以打電話給我們並根據合同訂購衛星的地方。我們還沒有——我們剛剛見面，前幾天被問到時，我們還沒有看到很多。但 Rivada 確實展示了我們花時間追求的事物的規模。我們正在捕鯨，它正在發揮作用。我們正在努力——我們花更少的時間與那些試圖建造我們所做的一顆衛星的人在一起——做到這一點。但是我們把所有的時間都花在了那些想要建造數百顆衛星的人身上。

And what Rivada did for us as a business is it gave us a -- give us credibility in the marketplace that we can build a large satellite. So we spent the past week meeting with multiple constellation opportunities, the size of Rivada some smaller, some larger. But it was an incredibly -- people are viewing us now very differently, very credibly both around -- both within the DoD and in the commercial marketplace. And we're seeing a lot of interest now from foreign companies and foreign governments that we didn't see before.

作為一家企業，Rivada 為我們所做的是，它給了我們——讓我們在市場上相信我們可以建造一顆大型衛星。所以我們在過去的一周裡遇到了多個星座機會，Rivada 的大小有的小了，有的大了。但這是一個令人難以置信的——人們現在對我們的看法非常不同，非常可信——無論是在國防部還是在商業市場。我們現在看到外國公司和外國政府表現出前所未有的濃厚興趣。

It's really been a huge transformation. I mean we have -- if you look at our pipeline, you have 125 different -- positive different opportunities with over 3,700 satellites kicking around in there. And with the new facility we just announced today, that gives us a huge advantage and with all the automation we're doing. And keep in mind, we make 85% of our components in-house. Most of our competitors buy components and lots of other manufacturers. And we all know when you buy components from 20 different manufacturers and put them all together, they work perfectly every time. It doesn't work like that. And that's one of the reasons all of our stuff is plug and play. They're all designed to work with each other. So -- and most of our stuff is flight proven at this point, which gives us also a huge advantage.

這真的是一個巨大的轉變。我的意思是我們有——如果你看看我們的管道，你有 125 個不同的——積極的不同機會，其中有 3,700 多顆衛星。憑藉我們今天剛剛宣布的新設施，這給了我們巨大的優勢以及我們正在做的所有自動化。請記住，我們內部製造了 85% 的組件。我們的大多數競爭對手購買組件和許多其他製造商。我們都知道，當您從 20 家不同的製造商那裡購買組件並將它們組裝在一起時，它們每次都能完美運行。它不是那樣工作的。這就是我們所有產品都是即插即用的原因之一。它們都是為相互協作而設計的。所以——我們的大部分東西在這一點上都經過了飛行驗證，這也給了我們一個巨大的優勢。

And you have a lot of foreign entries coming into the United States. People like Airbus, people like LeoStella a lot of foreigners coming in. But the DoD is getting -- the Congress has gained to a point that they want to create jobs here in the U.S., and we shouldn't be suspending taxpayer dollars on defense programs built by foreigners and that is becoming a bigger, bigger topic up on the hill. And we expect that over the next year to have some real impact on our business as we are made in the U.S.A.

而且你有很多外國入境者進入美國。像空客這樣的人，像 LeoStella 這樣的人，很多外國人進來了。但是國防部正在——國會已經達到了他們想在美國這裡創造就業機會的地步，我們不應該在國防上暫停納稅人的錢外國人開發的程序，這正在成為一個越來越大的話題。我們希望在明年對我們的業務產生一些真正的影響，因為我們是在美國製造的。

And then just last one, just a 2-part question on cash. I might have missed it, but in terms of CapEx for 2023 and given expansion plans, I mean does CapEx kind of peak in 2023 or 2024 and kind of tied to that, you actually had really good working capital in 2022. Just given the upcoming contracts, would you expect that kind of carry into 2023 and just in terms of being positive on working capital.

然後是最後一個，關於現金的兩部分問題。我可能錯過了它，但就 2023 年的資本支出和給定的擴張計劃而言，我的意思是資本支出是否會在 2023 年或 2024 年達到頂峰，並且與此相關，你實際上在 2022 年擁有非常好的營運資金。鑑於即將到來的合同，你會期望這種結轉到 2023 年嗎？只是在營運資本方面是積極的。

Yes. So 2 parts to that question. On CapEx, as we've now ceased pursuing the self-funded constellation that will reduce to 0 that type of spend on CapEx. Predominantly CapEx will be a combination of facility and equipment expansion both in Irvine this year. And then the new facility this year and next. Right now, we haven't fully scoped that, but think about the 2 facilities is roughly a number that's maybe $10 million all in. It could be more, depending on how exclusive we get for each facility.

是的。所以這個問題分為兩部分。在資本支出上，因為我們現在已經停止追求自籌資金的星座，這種星座將減少到 0 那種類型的資本支出。今年主要的資本支出將是爾灣的設施和設備擴張的組合。然後是今年和明年的新設施。現在，我們還沒有完全確定範圍，但想想這 2 個設施大概是一個大概 1000 萬美元的數字。它可能會更多，這取決於我們為每個設施獲得的排他性。

We spent a little bit of that already for the existing Irvine expansion. I would also say maybe that there's a maintenance CapEx or an IT spend that's it anywhere from $5 million, maybe as high as $10 million, depending on how we think about equipment so right now, generically speaking, I'm looking at a CapEx profile that's anywhere from plus or minus $15 million maybe less, maybe more, depending on how accelerated we are on bringing on this additional facility in Irvine as well as how we think about the equipment that we're adding and testing capabilities.

我們已經為現有的 Irvine 擴展花費了一些錢。我還要說，可能有維護資本支出或 IT 支出，從 500 萬美元到 1000 萬美元不等，這取決於我們現在如何看待設備，所以一般來說，我正在查看資本支出概況這介於正負 1500 萬美元之間，可能更少，也可能更多，這取決於我們在爾灣建立這個額外設施的速度有多快，以及我們如何考慮我們正在添加的設備和測試能力。

Regarding working capital, we do have fairly significant swings in working capital. You saw that a little bit throughout last year. We had positive working capital swings and pretty chunky working capital swings. A part of that is, quite frankly, the teething of growing when we had revenue growth in the fourth quarter, almost 200%. The working capital swings can be quite dramatic. And so part of how we think about our cash flows is factoring in working capital.

關於營運資金，我們的營運資金確實有相當大的波動。你在去年全年都看到了這一點。我們有積極的營運資金波動和相當大的營運資金波動。坦率地說，其中一部分是我們在第四季度的收入增長接近 200% 時增長的初期。營運資金的波動可能非常劇烈。因此，我們考慮現金流的部分方式是考慮營運資本。

And it's one of the reasons why we're looking at our liquidity constantly and thinking about how to manage that, both our growth and also our liquidity profile.

這也是我們不斷關注我們的流動性並思考如何管理它的原因之一，包括我們的增長和我們的流動性狀況。

Next, we have a question from Robert Springan from Melius.

接下來，我們有來自 Melius 的 Robert Springan 的問題。

Good morning, everyone. Marc, just all the color you've given us, net-net, how would you say the market has changed from a demand perspective? Is the economy changes and maybe marginalized players are moving away. So how has the demand changed? And then how is the supply chain? Are you seeing any of your competition to exit the market?

大家，早安。馬克，就你給我們的所有顏色而言，net-net，從需求的角度來看，你認為市場發生了怎樣的變化？經濟是否發生變化，也許邊緣化的參與者正在離開。那麼需求是如何變化的呢？然後供應鏈如何？您是否看到任何退出市場的競爭？

Sure. So let's bring this to cope pieces. So on the market side, the NDAA is the only thing Democrats or Republicans always agree on its recession proof, it's interest rate proof. It will be for [51] years. It's always been a near and unanimous. We don't see us cutting our defense budget anytime soon with everything going on in Ukraine and China.

當然。因此，讓我們將其用於應對碎片。所以在市場方面，NDAA 是民主黨人或共和黨人唯一一致同意的衰退證明，它是利率證明。它將持續 [51] 年。它一直是接近和一致的。由於烏克蘭和中國發生的一切，我們認為我們不會很快削減國防預算。

We just don't see that as a reality. We always see our biggest threat to our business is world peace. We don't see that happening anytime soon as well. What we do see in the commercial side is people are seeing that commercially owned satellite constellations are now economically viable. When they were building $1 billion satellites in geosynchronous orbit, they weren't economically viable. When you're building $1 million satellites in low-earth orbit, they become -- business applications become economically viable, whether it's 5G, Internet of Things, all sorts of other things.

我們只是不認為這是現實。我們始終認為我們業務面臨的最大威脅是世界和平。我們也不會很快看到這種情況發生。我們在商業方面確實看到的是，人們看到商業擁有的衛星星座現在在經濟上是可行的。當他們在地球同步軌道上建造價值 10 億美元的衛星時，它們在經濟上是不可行的。當你在近地軌道上建造價值 100 萬美元的衛星時，它們會——商業應用在經濟上變得可行，無論是 5G、物聯網，還是其他各種各樣的東西。

There are things we can do for -- the things we can do to them to make the -- world has changed that has made it more productive for companies to do business. On the supply chain side, by continuing to build things in-house, we are seeing less and less supply chain issues. We are seeing a lot of our competitors and our competitors per se. A lot of -- a lot of the new space stacks we see them continuing to get into trouble. You saw what happened to Virgin Orbit. All these guys are building it and hope they will come. In our case, we don't build something unless they come to us first. So we have a very different business model, but we're just lumped into a bad neighborhood. And unfortunately, our stock doesn't represent that.

我們可以做一些事情——我們可以為他們做的事情——世界已經改變，這使得公司開展業務更有效率。在供應鏈方面，通過繼續內部構建，我們看到越來越少的供應鏈問題。我們看到了很多我們的競爭對手和我們的競爭對手本身。很多 - 我們看到很多新的空間堆棧繼續陷入困境。你看到了 Virgin Orbit 發生的事情。所有這些人都在建造它，希望他們能來。在我們的例子中，除非他們先來找我們，否則我們不會建造任何東西。所以我們有一個非常不同的商業模式，但我們只是陷入了一個糟糕的社區。不幸的是，我們的股票並不代表這一點。

Okay. And then and Gary, you talked about a lot of positives and negatives just with regard to the numbers. So when you put all that together, how should we expect free cash burn to continue as we go through the year. I know you're not guiding, but what should the trend be between the facility expansions against the prototyping, winding down and so on?

好的。然後加里，你談到了很多關於數字的積極和消極因素。因此，當您將所有這些放在一起時，我們應該如何期望在我們度過這一年的過程中繼續自由現金消耗。我知道你沒有指導，但設施擴展與原型設計、縮減等之間的趨勢應該是什麼？

Yes, Rob, thanks for the question. The -- it's a little bit difficult to say in addition to not providing guidance, but I can point to the near-term history that we could see swings particularly in working capital that impact our liquidity or at least our free cash flow to tune as much as $25 million to $30 million in any one quarter to be a little bit higher than that, could be a little bit lower, particularly if Rivada onboards on the time frame we're thinking about.

是的，羅布，謝謝你的提問。 - 除了不提供指導外，這有點難說，但我可以指出近期的歷史，我們可能會看到波動，尤其是營運資本方面的波動，這會影響我們的流動性或至少我們的自由現金流量以調整為任何一個季度高達 2500 萬至 3000 萬美元，比這高一點，可能會低一點，特別是如果 Rivada 在我們考慮的時間框架內加入。

So it is a fairly big swing that we are managing and that one, working capital is probably the biggest one as well as overall the timing of new awards and the execution of those awards. That has a very dramatic impact generally positive with new awards as we bring them on. And so it makes it difficult to guide, but it also is kind of a function of where we're at in terms of growth and use of liquidity, and so it's -- let me pause there because it's really difficult to give much more guidance than that.

因此，我們正在管理一個相當大的波動，而營運資金可能是最大的一個，以及新獎勵的總體時間安排和這些獎勵的執行。當我們頒發新獎項時，這對新獎項產生了非常顯著的影響。因此，這使得指導變得困難，但它也是我們在增長和流動性使用方面所處位置的一種功能，所以它 - 讓我在那裡暫停，因為真的很難提供更多指導比起那個來說。

Okay. And just a housekeeping question. Where are you on the B. Riley facility?

好的。只是一個內務管理問題。你在 B. Riley 設施的哪個位置？

So the B. Riley facility is still open and available to us. We have available to us a lesser of about $98 million of proceeds or the sale of about 27 million shares. So we've barely tapped it last year.

所以 B. Riley 設施仍然開放並可供我們使用。我們可以獲得約 9800 萬美元的收益或出售約 2700 萬股股票中的較少者。所以我們去年幾乎沒有利用它。

Next, we have a question from Josh Sullivan from Benchmark.

接下來，Benchmark 的 Josh Sullivan 提出了一個問題。

As far as the EACs, any areas or aspects of the contracts to call out for lessons learned? I think you mentioned it might have been related to some legacy programs.

至於 EAC，合同的任何領域或方面需要吸取經驗教訓？我認為您提到它可能與某些遺留程序有關。

I mean I'd be more specific.

我的意思是我會更具體。

So I mean just a point forward, should we think about -- you mentioned there were part of legacy programs. So should we anticipate it going forward in a better position here.

所以我的意思是向前一點，我們應該考慮 - 你提到有一部分遺留計劃。因此，我們是否應該預期它會在這里處於更好的位置。

So like as I mentioned, it's possible that we have additional EAC adjustments in the future. We finished the year with our estimates in our EAC based on what we knew. So -- what I will just reiterate is a large portion of the EAC adjustments we saw throughout 2022 were on programs that we are substantially completed on and so those programs tend to be more prototype and early phase programs where, quite frankly, technical challenges, supply chain challenges, running additional shifts, all those things contributed to additional costs and also just, quite frankly, trying to move things and accelerate the speed to get things out the door.

所以就像我提到的那樣，我們將來可能會有額外的 EAC 調整。我們根據我們所知道的，在我們的 EAC 中完成了這一年的估計。所以——我要重申的是，我們在整個 2022 年看到的 EAC 調整的很大一部分是針對我們已經基本完成的項目，因此這些項目往往是更多的原型和早期階段項目，坦率地說，技術挑戰，供應鏈挑戰、額外輪班，所有這些都導致了額外成本，而且坦率地說，還只是試圖移動事物並加快速度以將事物運出門外。

So there's a little bit of key thing here as we bring onboard things. But those one-off programs tend to be the ones where you have $1 million or $2 million impact and if you have a couple of programs like that, it adds up each quarter, and that's what we're seeing. What we can see going forward is a lot of our programs now are the bigger, more scaled programs where if we do have an impact -- the size impact relative to the overall program is much more muted. So we have -- we're encouraged by where we are at the beginning of the year. And -- but a lot of the EAC adjustments, we hopefully are in our rearview mirror, but there is possible we have some in the future.

所以這裡有一些關鍵的東西，因為我們帶來了一些東西。但那些一次性計劃往往是那些你有 100 萬或 200 萬美元影響的計劃，如果你有幾個這樣的計劃，它每個季度加起來，這就是我們所看到的。我們可以看到，我們的很多項目現在都是規模更大、規模更大的項目，如果我們確實產生了影響——相對於整個項目的規模影響要小得多。所以我們 - 我們對年初的情況感到鼓舞。而且 - 但很多 EAC 調整，我們希望在我們的後視鏡中，但我們將來可能會有一些調整。

Yes. I mean, 36 months ago, we were building satellites to could hold in the palm of your hand. Today, we're holding things that need just go into a truck. But the sizing seems to be stabilizing and the 350 to 500-kilogram range is where most people are seem to be stabilizing. But there was a learning curve to getting to that point. But now -- everyone with the size of stabilizing, we'll see less [NREs] going forward than we have in the past.

是的。我的意思是，36 個月前，我們正在建造可以放在您手掌中的衛星。今天，我們拿著只需要裝進卡車的東西。但尺寸似乎趨於穩定，350 至 500 公斤的範圍是大多數人似乎趨於穩定的範圍。但是要達到這一點有一個學習曲線。但是現在——每個具有穩定規模的人，我們將看到比過去更少的[NRE]。

Got it. And then maybe just one on the announcement on Monday with cognitive space. Can you talk about the dual use asset there? Is that going to be owned by you? And does it include any SAAR?

知道了。然後也許只有一個關於認知空間的周一公告。你能談談那裡的兩用資產嗎？那是要歸你所有嗎？它包括任何 SAAR 嗎？

Terran Orbital is now scheduling an on-orbit asset using cognitive spaces Sentience software platform. We expect this partnership to help drive down costs of our internal operations, as well as our customers grow the larger constellation is easier. I can't comment as to what we're using it for. That's all I could say at this point.

Terran Orbital 現在正在使用認知空間 Sentience 軟件平台安排在軌資產。我們希望這種合作夥伴關係有助於降低我們內部運營的成本，以及我們的客戶增長更大的星座更容易。我無法評論我們使用它的目的。這就是我此時所能說的。

Next, we have a question from (inaudible). Please go ahead.

接下來，我們有一個來自（聽不清）的問題。請繼續。

I do have a question regarding the $14 billion pipeline that I would assume doesn't include a $2.4 million of Rivada. Can you give us any color on the composition in the stage of that pipeline? And what are you expecting of that to convert in 2023 and what would that go into 2024?

我確實有一個關於 140 億美元管道的問題，我假設不包括 240 萬美元的 Rivada。你能給我們關於那個管道階段的構圖的任何顏色嗎？您期望在 2023 年實現什麼轉變，到 2024 年會發生什麼？

Sure. Well, it was a $16.4 billion pipeline. That's now a $14 billion pipeline, but there are about 125 programs in there that should make up about 3,700 satellites. The biggest of that $14 billion is a $6 billion NASA Rapid Rewards contract. And after that, you've got some very, very large programs and some smaller programs as well.

當然。好吧，這是一條價值 164 億美元的管道。現在這是一條價值 140 億美元的管道，但其中大約有 125 個項目，應該構成大約 3,700 顆衛星。這 140 億美元中最大的一筆是價值 60 億美元的 NASA 快速獎勵合同。在那之後，你有一些非常非常大的程序和一些較小的程序。

We have a question from [James Burn].

[James Burn] 提出了一個問題。

I'm not sure really if I have any kind of a question, but just an observation. I've been a finance guy my whole career. And when I see the kinds of losses I see you folks racked up last year, I just get very concerned that there might be fundamental problems in the manufacturing operations that are hard to see. And so it's just -- I have quite a few shares of your stock. I think I want to be acquiring more, but I hope you have a very strong cost accounting person on your staff so that when you ship a satellite, they can say immediately, this is how we did on that satellite or this group of satellites and -- so that's my only comment.

我不確定我是否真的有任何問題，但只是一個觀察。我的整個職業生涯都是一名財務人員。當我看到去年我看到你們遭受的各種損失時，我非常擔心製造業務中可能存在難以發現的基本問題。所以它只是 - 我有相當多的你的股票。我想我想收購更多，但我希望你的員工中有一個非常強大的成本會計人員，這樣當你發射一顆衛星時，他們可以立即說，這就是我們對那顆衛星或這組衛星的處理方式， ——這是我唯一的評論。

The other thing I see is -- I've also been involved in a number of start-ups and unfortunately for me, not one of them has succeeded. And one thing I see very much is that people are very focused on trying to get more and more sales. You guys got $2.4 billion worth of a contract focus on that, never mind trying to get any more business, you need to succeed on this $2.4 billion or you're going to get overwhelmed -- and I see people run out of cash very quickly. And all of a sudden, there's a problem and then the next thing you know the company is gone. So I'm putting a lot of faith in you guys. I've got a lot of shares. I'm going to acquire some more, but I'm just giving you some of my thoughts and my experience in the future, you've got a huge contract and make sure you succeed with what's in front of you and don't be so focused on trying to get more.

我看到的另一件事是——我也參與了許多初創企業，但對我來說不幸的是，沒有一家成功。我非常清楚的一件事是，人們非常專注於嘗試獲得越來越多的銷售額。你們獲得了價值 24 億美元的合同，專注於此，別管試圖獲得更多業務，你需要在這 24 億美元上取得成功，否則你會不知所措——我看到人們很快就會用完現金.突然之間，出現了問題，接下來你知道公司就沒了。所以我非常相信你們。我有很多股份。我將獲得更多，但我只是給你一些我的想法和我在未來的經驗，你有一份巨大的合同，並確保你成功地完成你面前的事情，不要所以專注於嘗試獲得更多。

So we appreciate very much your comments. We are -- so between my business partner, Dan stated and I we've built 7 unicorns, this will be our eighth. We've taken 17 companies public successfully. We are old experienced management team. We understand that we've had losses and part of that is we are hiring ahead of programs.

因此，我們非常感謝您的評論。我們是——我的商業夥伴，丹說，我和我們已經建立了 7 個獨角獸，這將是我們的第八個。我們已成功幫助 17 家公司上市。我們是經驗豐富的管理團隊。我們知道我們有損失，部分原因是我們在計劃之前進行招聘。

We are 100% committed to Rivada and getting it out the door on time and profitably. And as we are to all the programs we have going forward. But we needed to build up scale because we knew what programs we would be. We knew that we would be getting some big programs and you have to hire a head at scale. But you will start to see the financials improve going into 2024 because obviously gain to EBITDA positive and free cash flow positive is enormously important to all of us.

我們 100% 致力於 Rivada 並按時推出並盈利。正如我們正在推進的所有計劃一樣。但我們需要擴大規模，因為我們知道我們將成為什麼樣的項目。我們知道我們會得到一些大項目，你必須大規模聘請負責人。但是到 2024 年，您將開始看到財務狀況有所改善，因為顯然獲得正的 EBITDA 和正的自由現金流對我們所有人都非常重要。

And so -- but we had to spend a lot of money to get where we are today, but we totally understand your concerns. And trust me, Gary and myself and the rest of the management team are working to make sure they are in a great place. And thankfully, with a partner like Lockheed Martin, they have been very supportive of us and we've been keeping us enormously busy running 2 shifts a day, 7 days a week in our existing facility. And we will be with the new facilities, we will get to a more normal work cycle, which also will help to keep our cost down especially with all the robotics we're building.

所以 - 但我們不得不花很多錢才能達到今天的水平，但我們完全理解你的擔憂。相信我，加里和我以及管理團隊的其他成員正在努力確保他們處於一個好的位置。值得慶幸的是，與洛克希德馬丁公司這樣的合作夥伴一起，他們一直非常支持我們，我們一直在忙於在我們現有的設施中每週 7 天、每天 2 班次運行。我們將使用新設施，我們將進入一個更正常的工作週期，這也將有助於降低我們的成本，尤其是我們正在建造的所有機器人。

And as with any investor on the call, we invite people to come to see our facilities, see what we do. We're always welcome to have investors come take a tour.

與電話中的任何投資者一樣，我們邀請人們來看看我們的設施，看看我們在做什麼。我們隨時歡迎投資者前來參觀。

(Operator Instructions) We have a question from [Dan Ramp] from (inaudible) Capital.

（操作員說明）我們有來自（聽不清）Capital 的 [Dan Ramp] 的問題。

I wonder if you could speak to your cash needs and how that could change once the Rivada gets the IPO approval, is that a benefit to you guys? Or would that be your cash needs towards -- in other words, is there a possibility of getting a large upfront payment when this project kicks off, that could enumerate some of your cash needs.

我想知道你是否可以談談你的現金需求，一旦 Rivada 獲得 IPO 批准，這將如何改變，這對你們有好處嗎？或者這是您的現金需求 - 換句話說，當這個項目開始時是否有可能獲得大筆預付款，這可以列舉您的一些現金需求。

Yes. So with any commercial program, see, we don't give a lot of credit. We're cash in advance kind of people and God we trust, but all of them must pay cash. And so we want -- we -- most commercial contracts are pay in advance, then we work, paying advance then we were, it's like a law firm working off a retainer. We give very little credit unlike the Department of Defense, we give credit to, but they pay very, very quickly. So -- but we are -- on the commercial side, all of our commercial contracts are written to were very, very little cash upfront we have to spend.

是的。因此，對於任何商業程序，我們都不會給予太多信任。我們是預付現金的人，我們相信上帝，但所有人都必須支付現金。所以我們希望——我們——大多數商業合同都是預付的，然後我們工作，然後我們預付，就像一家律師事務所在僱用一名聘用人員。與國防部不同，我們給予的信任很少，我們給予信任，但他們付款非常非常快。所以——但我們是——在商業方面，我們所有的商業合同都被寫入了我們必須花費的非常非常少的現金。

Okay. And kind of a follow-up to that, regarding what you're seeing in the market now and the banking crisis, I think part of the reason you're seeing some pressure on the stocking before today, the last few days, we've seen this across the stock market is any companies that require cash have really been punished because of it (inaudible) comes in regional banks, et cetera. And I'm wondering if you have that on your radar and what kind of alternatives you may have in mind to be able to limit dilution if you do need develop and get that capital and in part of that as well, are there any concerns on your lawyers feel comfortable with the financing for Rivada, but if there is some sort of a crunch in the banking space, a further one, would that risk the funding coming into Rivada as far as you know?

好的。對此的後續行動，關於你現在在市場上看到的情況和銀行業危機，我認為你在今天之前看到庫存壓力的部分原因，最近幾天，我們'我在整個股票市場都看到過，任何需要現金的公司都因為現金（聽不清）來自地區銀行等而受到懲罰。而且我想知道你是否已經考慮到這一點，如果你確實需要開發和獲得該資本以及其中的一部分，你可能會想到什麼樣的替代方案來限制稀釋，是否有任何擔憂你的律師對 Rivada 的融資感到滿意，但如果銀行領域出現某種緊縮，那麼據你所知，這是否會冒著資金進入 Rivada 的風險？

While we are thrilled that we have Rivada, we don't count on any one contract. We continue to go out and just like we will be bidding on the new SDA programs coming up. We continue to bid on lots of things and we have a very high success rate in winning what we bid on. So we continue to bid. We're with Lockheed Martin. We've had a tremendously high success rate. And I think we have 11 Lockheed programs in-house right now. And we continue to be -- they continue to be a phenomenal partner and working together, so we don't -- we've done very well on the cash management side.

雖然我們很高興我們擁有 Rivada，但我們不指望任何一份合同。我們繼續走出去，就像我們將競標即將推出的新 SDA 計劃一樣。我們繼續競標很多東西，並且我們在贏得我們所競標的東西方面的成功率非常高。所以我們繼續出價。我們與洛克希德馬丁公司合作。我們的成功率非常高。我認為我們現在內部有 11 個洛克希德計劃。而且我們繼續 - 他們繼續成為一個非凡的合作夥伴並一起工作，所以我們不 - 我們在現金管理方面做得很好。

We just raised $100 million last year from Lockheed. We feel pretty good about where we are and have no concerns at this point about our cash.

去年我們剛剛從洛克希德公司籌集了 1 億美元。我們對自己的處境感覺很好，目前不擔心我們的現金。

We currently have no further questions, so I'll hand it back over to the management team.

我們目前沒有其他問題，所以我會把它交還給管理團隊。

Great. Well, on behalf of Gary Hobart and myself and the rest of the Terran Orbital management team and all of our employees, we thank you very much for your support and your continuing confidence in Terran Orbital. We appreciate everybody tuning in for today's call. And as always, we try to make ourselves as accessible as possible to the investing community.

偉大的。好吧，我們代表加里霍巴特和我本人以及 Terran Orbital 管理團隊的其他成員和我們所有的員工，非常感謝您對 Terran Orbital 的支持和持續信任。感謝大家收聽今天的電話會議。一如既往，我們努力讓自己盡可能接近投資界。

We're going to be at the Sidoti Conference this week on Wednesday and Thursday this week, for those of you who wish to attend, and we continue to make ourselves available. So feel free to reach out to us at ir@terranorbital.com, and we are happy to answer any and all questions and look forward to seeing you in another quarter. Thank you very much.

對於那些希望參加的人，我們將在本週的周三和周四參加 Sidoti 會議，我們將繼續讓我們自己有空。請隨時通過 ir@terranorbital.com 與我們聯繫，我們很樂意回答任何和所有問題，並期待在另一個季度與您見面。非常感謝。

This concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。